February 1999

Trends and Resources

HP Impact: HPImpact: 1998: 'one of toughest' for oil industry

The director of statistics for the American Petroleum Institute (API) has characterized 1998 as "one of the toughest years for the U.S. oil and natural gas industry." However, with declines in upstrea..

Weirauch, Wendy, Hydrocarbon Processing Staff

The director of statistics for the American Petroleum Institute (API) has characterized 1998 as "one of the toughest years for the U.S. oil and natural gas industry." However, with declines in upstream exploration, production and rig counts, some downstream activities experienced growth. The steep decline in gasoline prices contributed to growth in gasoline deliveries, which averaged 8.2 million barrels/day (MMbpd). This is 2.6%/yr growth compared to 1997. Refinery activity continued to rise in 1998, according to API. The year's 1.5% increase in refinery inputs, however, was less than half of 1997's. Utilization of reported capacity reached a new monthly high of nearly 100%

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